FORUM: "Digital remittances towards financial inclusion and cost reduction.'' International Day of Family remittances 2024. The Day calls upon governments, the private sector, development agencies, regulators, and civil society to observe the Day and to share their commitment and contributions to maximizing the impact of remittances through individual and collective action. The International Day of Family Remittances (IDFR), established by the United Nations General Assembly, highlights every year the significant sums of money that over 200 million migrants send home to improve the lives of over 800 million family members. This Day draws our attention to the economic impact of this money on households, communities, and nations, and recognises the sacrifice, separation and generosity often involved. Between 2015 and 2030, it is projected that US$6.5 trillion will have been sent home by migrants to lower- and middle- income countries, with much of this money going directly to rural areas. Rural areas where 80% of the world’s poor live, face food shortages, and the impacts of climate change are the most pronounced. This money, sent by migrants and diaspora communities, directly supports millions of families to achieve their own Sustainable Development Goals (SDGs). They contribute directly to poverty alleviation, education, healthcare, small business development, gender equality, and rural economic growth. The theme of the 2023-2024 #FamilyRemittances campaign, "Digital remittances towards financial inclusion and cost reduction," draws our attention to the positive effects of digitisation in reducing the costs of sending money home, improving access, and advancing financial inclusion. On this Day, we not only acknowledge the contributions made by migrants, but also reflect on and celebrate the work, collaboration and partnerships involved by so many, including financial service providers, money transfer operators, governments, and regulators, to facilitate these flows, and the significant achievements made. Over the past decade, we have seen a transformation for many of us in the way we send and receive crossborder money transfers, with significant improvements in the affordability, access and convenience of services, as well as the broader financial services available to us. However, this is not the case for everyone. There still exists significant barriers to digital remittance services and financial services for many people, especially amongst the most vulnerable / marginalised and many living in rural areas. Aligning with the SDG Universal Value to' Leave No One Behind,' our primary focus remains on achieving inclusivity and access to digital remittance and financial services. We need to make sure that the same benefits we have seen for many, are available for all. The IFAD actively works with the private sector and public authorities to ensure a lasting and inclusive approach supporting the transformative potential of remittances. And we do this directly in our programmes of loans and grants and by sharing our savoir faire to others. Join us, and let us work together, one family at a time, to digitise remittances towards financial inclusion and cost reduction, and to leave no one behind. Follow the conversation with the hashtags: #FamilyRemittances.
EVENTS: On the 16th June 2024, we will celebrate the achievements that have been made in digitalizing remittances towards cost reduction and financial inclusion, whilst taking stock of what remains to be done to ‘Leave No One Behind’. During the day, we will: • Recognize the contributions made by migrants all over the world to their families, friends, communities and countries through the money they send home. Helping families to reach their own SDGs. • On behalf of all the receivers of remittances, extend gratitude and say thank you, recognizing the sacrifice, separation and generosity that are often involved in sending money home. • Recognize and commend to all those involved the significant achievements that have been made in and around international and domestic remittances to facilitate affordable, safe, secure, transparent, fast and convenient remittances services. • Make a pledge to continue to work in partnership and collaboratively to leave no one behind – to digitalize remittances towards financial inclusion and cost reduction. Through the IDFR observance, the United Nations aims to bring greater awareness about the impact that remittances have on millions of households, communities, and countries. This year, the IDFR was observed in:
- Nairobi, Kenya: Friday, 7 June
- Kathmandu, Nepal: Monday, 10 June
- Banjul, The Gambia: Tuesday, 11 June
- Dakar, Senegal: Tuesday, 11 June
- Rabat, Morocco: Wednesday, 12 June
- Accra, Ghana: Thursday, 13 June
- Kampala, Uganda: Thursday, 13 June
STATEMENTS: VIEW ALL STATEMENTS AND ENDORSEMENTS.
Statement of Mr. Alvaro Lario, President of IFAD on the International Day of Family remittances 2024; June 16th.Messages
- Rossana Polastri, IFAD Regional Director Latin America and the Caribbean Division.
- Bernard Hien, IFAD Regional Director West and Central Africa Division.
- Dina Saleh, IFAD Regional Director Near East, North Africa and Europe Division.
- Sara Mbago-Bhunu, IFAD Regional Director East and Southern Africa Division.
- Reehana Reza, IFAD Regional Director Asia and the Pacific Division.
CAMPAIGN: Join the IDFR 2024 campaign!
Use digital platforms and networks, to raise awareness globally of the valuable role that migrants are playing in supporting families, communities, and countries on the International Day for Family Remittances (IDFR). Tell your story or your initiatives using the template available here. Use hashtag #familyremittances and tag us on X and LinkedIn.
Endorse the IDFR and this year’s campaign:
We warmly invite the public sector, private sector, international organizations and civil society to endorse the IDFR 2024. This year we are focusing on celebrating the achievements that have been made in digitalizing remittances towards cost reduction and financial inclusion, whilst taking stock of what remains to be done to “Leave No One Behind“.
In light of this, please endorse the campaign by:
- Sharing your role and successes, over the last decade, especially in:Digitalizing remittances;
- Supporting financial inclusion;
- Supporting cost reduction of remittances; and
- Improving access to remittance and financial services.
Sharing your plans and commitment to the above four outcomes, in line with the SDG 2nd Principle to “Leave No One Behind”.
Sharing your personal stories about how you have supported others or been supported or impacted by remittances.
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